My name is Casey. Let me start by saying this was not my only issue with Beaman Ford. However the only one I'm not sure about. I went to their dealership with a specific new vehicle that I wanted to purchase. I am a Ford Z-plan customer so my price is set in stone I had a trade-in for which we could not really come to an agreement on. However the manager asked me where my payment needed to be and I told him. Next he left and when he came back wanted to know if I could go $50 higher per month. I then told him yes but not a penny more. Next he asked if he could do a soft pull on my credit so their finance guy could get an idea of what we where working with. I told him yes but I did not want it sent to Ford Credit unless they were at least fairly confident we were close on everything and could make a deal. When he came back again he said Ford credit wanted a Co-Signer which is not a route I wanted to go. I then told him I am going to sell my truck on my own and then bring him cash for a down payment. So at this point it had already been sent to Ford Credit, I told him I needed something out of my six hours at the dealership and having had my credit pulled. So I next asked him how much cash down I needed to get approved and at the approx. payment I wanted. I still have not got a straight answer, first it was $10,000 then maybe $9,000 or maybe $11,000. First off I could very well be wrong but shouldn't that be a question they could answer?? MORE IMPORTANTLY I got a credit alert today. My credit score dropped 8 points and I had two inquires one from Ford Motor Credit which I had told him would be the only company I would do business with, yet the second one came from a company called CREDCO. Can anyone tell me why it would have been pulled by CREDCO as well?? Sorry for the long story. Thanks in advance for all information and advice.
Hello Casey and welcome to the forums!
TBH I can't suggest why it was pulled by a second company in your specific case, though it could be some related third party based on the terms of your plan (not familiar with it) and multiple pulls from a dealership aren't unheard of anyway.
With the way FICO works though, if they're auto-loan related, if they're pulled within two weeks of each other on literally any of the versions (and really 30 days or more on the vast majority of credit checks) they'll roll up into one from a scoring perspective. This is to encourage rate shopping on auto loans and also mortgages which work the same way.
So yes, you may have lost 8 points, but even had they pulled it once it would've been the same amount lost assuming both are coded correctly. Even if not, inquiries last a year anyway from a score perspective, and isn't something worth fighting over generally.
This happened to me. During my car shopping time, I app'd for credit with Car Pros Kia and it was approved. As I was planning on heading to the dealership to look at their options, I received a credit alert that the company had pulled my credit a second time a few days later after it had been approved. I don't know if this was because the company sent more than one app or what. But as Revelate said, the inquiry will only affect your score for one year and fall off the second year. Not something worth fighting.
They also must pull a credit on you when you purchase a new car because of Federal regulations called OFAC. Any dealer who does not and then it is found out that you launder money, are a drug dealer, terrorist or on any watch list of Homeland Security, etc. will without cause create a fine of upto 10 million dollars and immediate forfeture of your entire business. Recently with my wife's new car purchase we were both pulled on Tu and EQ. (haven't checked EX so not sure). We had even walked in with our own financing. As stated prior, YMMV, but all inquiries lose their impact after one year so they are not a big deal.